Market Overview - The Shanghai Composite Index increased by 1.07% with a trading volume of 920.72 million shares and a transaction value of 1,161.24 billion yuan, representing a 31.32% increase compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Non-bank Financials: +2.69%, transaction value of 622.93 billion yuan, led by Xiangcai Co. with a gain of 10.05% [1]. - Electric Equipment: +2.58%, transaction value of 1,116.33 billion yuan, led by Xinde New Materials with a gain of 20.01% [1]. - Retail: +2.53%, transaction value of 151.10 billion yuan, led by Zhejiang Dongri with a gain of 10.02% [1]. - The sectors with the largest declines included: - Oil and Petrochemicals: -1.50%, transaction value of 180.21 billion yuan, led by Tongyuan Petroleum with a loss of 18.73% [2]. - National Defense and Military Industry: -0.31%, transaction value of 485.29 billion yuan, led by Jieqiang Equipment with a loss of 16.52% [2]. - Coal: -0.26%, transaction value of 52.03 billion yuan, led by Yunmei Energy with a loss of 2.51% [2]. Notable Stocks - Leading gainers included: - Xiangcai Co. in Non-bank Financials with a gain of 10.05% [1]. - Xinde New Materials in Electric Equipment with a gain of 20.01% [1]. - Zhejiang Dongri in Retail with a gain of 10.02% [1]. - Notable decliners included: - Tongyuan Petroleum in Oil and Petrochemicals with a loss of 18.73% [2]. - Jieqiang Equipment in National Defense and Military Industry with a loss of 16.52% [2].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025 with increased sales and improved profitability metrics [1][2][3] Financial Performance - In 2024, the company achieved revenue of 810 million yuan, a year-on-year decrease of 14.62%, and a net profit attributable to shareholders of -33 million yuan, down 180.01% [1] - For Q4 2024, revenue was 245 million yuan, a year-on-year decline of 1.08%, but a quarter-on-quarter increase of 19.56% [1] - In Q1 2025, revenue reached 243 million yuan, representing a year-on-year increase of 80.92% and a slight quarter-on-quarter decrease of 0.82% [1] Product and Market Dynamics - The company sold 60,500 tons of negative electrode coating agents in 2024, marking a year-on-year increase of 93.5%, maintaining a leading market share [2] - The product structure underwent significant adjustments, with a production capacity of 70,000 tons in 2024 and a utilization rate of around 70% [2] - The average price of coating agents faced pressure in 2024, but the decline is expected to stabilize [2] Profitability Insights - The gross margin for Q1 2025 reached 11.60%, an increase of 4.83 percentage points year-on-year and 2.64 percentage points quarter-on-quarter [3] - The company anticipates improved profitability in 2025 due to price recovery and increased demand for high-temperature products [3] Future Outlook - The company expects steady growth in 2025, driven by price stabilization and the increasing proportion of high-temperature products [3] - The integration of the Dalian ethylene tar facility and the expansion of low-cost new bases are expected to enhance profitability [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 810 million yuan in 2024, a year-on-year decrease of 14.62%, and a net profit attributable to shareholders of -33 million yuan, down 180.01% year-on-year. The non-recurring net profit was -57 million yuan, a decline of 660.77% [2][4]. - In Q4 2024, the company achieved a revenue of 245 million yuan, a year-on-year decrease of 1.08%, but a quarter-on-quarter increase of 19.56%. The net profit attributable to shareholders was -12 million yuan, and the non-recurring net profit was -13 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 243 million yuan, a year-on-year increase of 80.92%, with a slight quarter-on-quarter decrease of 0.82%. The net profit attributable to shareholders turned positive at 7 million yuan, and the non-recurring net profit was 2 million yuan, indicating a turnaround [2][4]. Summary by Sections Financial Performance - The company experienced a significant drop in revenue and profits in 2024, with a total revenue of 810 million yuan and a net loss of 33 million yuan. The performance improved in Q1 2025, with a revenue of 243 million yuan and a net profit of 7 million yuan [2][4][10]. - The total shipment of negative electrode coating agents reached 60,500 tons in 2024, a year-on-year increase of 93.5%, maintaining a leading market share [10]. Production and Capacity - The production capacity for coating agents in 2024 was 70,000 tons, with a utilization rate of around 70%. The company is expanding its integrated production lines to enhance capacity and reduce costs [10]. - The average price of coating agents faced pressure in 2024, but the decline is expected to stabilize gradually [10]. Future Outlook - The company anticipates steady growth in 2025, driven by price recovery and an increase in the proportion of medium and high-temperature products. The integrated advantages from the Dalian base are expected to gradually manifest [10].

Core Viewpoint - Xinde New Materials has experienced a decline in stock price over the past seven trading days, with a cumulative drop of -5.65%. The company is a leading supplier of lithium battery anode coating materials and carbon-based new materials in the new energy materials sector [1]. Company Overview - Founded in November 2000, Xinde New Materials adheres to the corporate spirit of "Integrity and Virtue" and focuses on the new energy materials field [1]. - The company has established itself as a prominent player in the lithium battery anode coating materials market and is recognized for its carbon-based new materials [1]. Shareholder Activity - Two funds under China Merchants Fund have entered the top ten shareholders of Xinde New Materials. Specifically, China Merchants Industry Select Stock A increased its holdings in the first quarter of this year, while China Merchants Ruili Flexible Allocation Mixed (LOF) A made a new entry [1]. - China Merchants Industry Select Stock A has achieved a year-to-date return of 7.01%, ranking 278 out of 998 in its category, while China Merchants Ruili Flexible Allocation Mixed (LOF) A has a year-to-date return of 8.94%, ranking 268 out of 2303 [1]. Fund Manager Profile - The fund managers for China Merchants Industry Select Stock A and China Merchants Ruili Flexible Allocation Mixed (LOF) A are Lu Wenkai, who has extensive experience in the investment management field [4][5]. - Lu Wenkai holds a bachelor's degree in accounting from Tongji University and a master's degree in business administration from Shanghai University of Finance and Economics. His career includes roles at Deloitte, Shenyin Wanguo Securities, HSBC Jintrust Fund Management, and North Trust Fund Management [4][5].

Core Viewpoint - Xinde New Materials (信德新材) is currently facing a decline in stock price, with a significant drop since its IPO, leading to a market capitalization of 3.407 billion yuan and a share price of 33.40 yuan, down 4.46% [1] Group 1: Company Overview - Xinde New Materials was listed on the Shenzhen Stock Exchange's ChiNext board on September 9, 2022, with an initial public offering (IPO) of 17 million shares at a price of 138.88 yuan per share [1][2] - The company raised a total of 236.096 million yuan through the IPO, with a net amount of 216.58238 million yuan after deducting issuance costs, exceeding the original fundraising plan by 151.58238 million yuan [2] Group 2: Financial Details - The total issuance costs for Xinde New Materials amounted to 19.51362 million yuan, with the lead underwriter, CITIC Securities, receiving 17.50674 million yuan as underwriting fees [3] - The company announced a dividend distribution plan based on its total share capital of 68 million shares as of December 31, 2022, proposing a cash dividend of 10.00 yuan per 10 shares and a capital reserve conversion of 5 additional shares for every 10 shares held [3]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the 2024 annual general meeting of shareholders for Liaoning Xinde New Materials Technology (Group) Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy of the meeting and its outcomes [2][4][6]. Group 1: Meeting Procedures - The meeting was convened on May 13, 2025, with proper notification published on designated websites and media [4][5]. - The actual time, location, and method of the meeting were consistent with the announced details, confirming compliance with legal requirements [6][8]. Group 2: Attendance and Qualifications - A total of 111 participants attended the meeting, representing 60,101,034 shares, which accounted for 59.5413% of the total voting shares [6][7]. - The qualifications of the attendees, including individual shareholders and their proxies, were verified, confirming their legitimacy [7][8]. Group 3: Voting Procedures and Results - The voting process was conducted through both on-site and online systems, with results compiled and verified by the law firm and other representatives [8][9]. - The resolutions were passed with significant support, including 75,520,849 votes in favor, representing a majority of the voting shares [9][10][11]. - The voting results from minority investors showed a high approval rate of 99.9474% for the resolutions presented [10][12]. Group 4: Conclusion - The law firm concluded that all aspects of the meeting, including the convening, attendance, and voting procedures, adhered to the relevant laws, regulations, and the company's articles of association, thus validating the legitimacy of the meeting and its resolutions [12][13].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： （1）会议召开方式：辽宁信德新材料科技（集团）股份有限公司（以下简称 "公司"）2024年年度股东大会以现场会议与网络投票相结合的方式召开。 （2）会议召开时间和召开地点：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025年5月13日上午9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年5月13日9:15至 济区马咀路58号三楼会议室召开。 （3）会议召集人及主持人：本次会议由公司第二届董事会召集，并由董事长尹 洪涛先生主持。 （4）会议的召集、召开与表决程序符合《中华人民共和国公司法》和《辽宁信 德新材料科技（集团）股份有限公司章程》的相关规定。 证券代码：301349 证券简称：信德新材 公告编号：2025-028 （1）股东出席的总体情况：通过现场和网络投票的股东及股东代理人共111 人，代表股份75,525,849股，占公司有表决权股份总数的74.8225%。其中：通过 现场投票的股东及股东代理人共5人， ...

为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于辽宁信德新材料科技（集团）股份有限公司 2024 年年度股东大会的 法律意见书 致：辽宁信德新材料科技（集团）股份有限公司 上海市锦天城律师事务所（以下简称本所）接受辽宁信德新材料科技（集团） 股份有限公司（以下简称公司）委托，根据《中华人民共和国公司法》（以下简 称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等法律法规、规 章、规范性文件以及《辽宁信德新材料科技（集团）股份有限公司章程》（以下 简称《公司章程》）的规定，指派律师出席了公司于 2025 年 5 月 13 日召开的 2024 年年度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本 法律意见书。 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的事 实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、承诺函 ...

证券代码：301349 证券简称：信德新材 公告编号：2025-028 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无增加、变更、否决提案的情况； 1、会议召开情况 （1）会议召开方式：辽宁信德新材料科技（集团）股份有限公司（以下简称 "公司"）2024年年度股东大会以现场会议与网络投票相结合的方式召开。 （2）会议召开时间和召开地点：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025年5月13日上午9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2025年5月13日9:15至 15:00期间的任意时间。现场会议于2025年5月13日13:30在辽宁省大连长兴岛经 济区马咀路58号三楼会议室召开。 （3）会议召集人及主持人：本次会议由公司第二届董事会召集，并由董事长尹 洪涛先生主持。 （4）会议的召集、召开与表决程序符合《中华人民共和国公司法》和《辽宁信 德新材料科技（集团）股份有限公司章程》的相关规定。 2、会议出席情况 （1）股东出席的总体情况 ...